How To Start A Thyrocare Franchise In India In 2024?
Written By: Shruti Agrawal
Starting a Thyrocare franchise in India in 2024 can be an exciting and rewarding venture in the healthcare industry. With the increasing emphasis on preventive healthcare and diagnostics, partnering with a reputable brand like Thyrocare presents a promising opportunity.
Thyrocare Franchise Business Model
Thyrocare Technologies Limited is a leading diagnostic company in India, providing quality diagnostic services at affordable costs to laboratories and hospitals. Thyrocare is known for its advanced fully automated laboratory, which offers a comprehensive test profile menu and adheres to global quality standards.
In June 2021, Pharmeasy, the parent company of Thyrocare, acquired Thyrocare.
The company's unique business model includes:
- B2B Focus: Thyrocare primarily operates in the B2B segment, providing services to local hospitals, laboratories, diagnostic centres, nursing homes, clinics, and doctors.
- Franchise Model: Unlike other players in the market, Thyrocare operates only through franchise agreements with its authorized service providers (ASPs), reducing its expenses in rentals and other administrative expenses.
- Quality Assurance: Thyrocare ensures quality by following a triple packaging system defined by the WHO, registering barcodes for samples in the system, and using QR-coded reports that are directly printed according to the barcode.
- Fast Turnaround Time: The company achieves a turnaround time of 4 to 8 hours for processing samples, ensuring timely and accurate results.
- Innovation and Global Standards: Thyrocare continuously innovates and remains at par with global standards, offering advanced technologies, powerful brands, and strong systems to enable laboratories to provide their clients with the best possible services.
Some of the popular brands operated by Thyrocare include Thyrocare – Diagnostic test (Thyroid test), Aarogyam – Wellness and Preventive care, and Nueclear Healthcare – Cancer monitoring (Full body and brain scan).
Thyrocare Franchise Cost
The investment required to start a Thyrocare franchise is as follows:
- Total investment: Approximately INR 2-5 Lakhs, covering all expenses, including equipment and franchise fees.
- Equipment investment: Around INR 1 Lakh.
- Franchise fee: Approximately INR 25,000.
- Minimum area: 250 sq. ft.
- Minimum staff: Around 15-20 employees, including qualified lab technicians and a skilled biochemist.
- Breakeven period: Expected to be 6 months.
The franchise model offers a 30% profit margin. Thyrocare provides free training, materials, and support for its franchisees.
Duration Of The Franchise Agreement With Thyrocare
The franchise agreement with Thyrocare has the following terms:
- Duration: The franchise term is for 2 years.
- Renewal: Yes, the term is renewable.
This means that after the initial 2-year period, the franchise agreement can be renewed, allowing the franchisee to continue operating under the Thyrocare brand.
Steps To Start a Thyrocare Franchise in India
- Research and Familiarization: Conduct thorough research on Thyrocare as a brand, its franchise model, services offered, and its standing in the healthcare industry. Understand the market demand for diagnostic services in your desired location.
- Contact Thyrocare: Reach out to Thyrocare directly through their official website or contact details provided. Inquire about their franchise program, initial requirements, and the application process.
- Meeting Eligibility Criteria: Thyrocare might have specific criteria for franchisees. Ensure you meet their requirements regarding financial capability, educational background, business experience, and location suitability.
- Franchise Application: Submit a formal application to Thyrocare. This might include personal details, financial statements, business plans, and any other documentation they request.
- Review Franchise Agreement and Disclosure Document: Once shortlisted, review the franchise agreement thoroughly. This document outlines the terms, conditions, fees, and responsibilities involved in becoming a Thyrocare franchisee. Seek legal advice if necessary.
- Arrange Finances: Assess the total investment required, which is approximately INR 2-5 Lakh, which covers all expenses, including a franchise fee of INR 25,000, setup costs, equipment, staffing, and operational expenses.
- Location Selection and Setup: Identify a suitable location for your Thyrocare centre. You need to have a clean and well-furnished infrastructure, including a minimum area of 250 sq. ft, which can be owned or leased. Ensure it meets Thyrocare’s specifications regarding size, accessibility, and infrastructure. Set up the diagnostic centre as per their guidelines.
- Training and Support: Thyrocare provides support and training for setting up and operating the franchise. The company will also assist in email broadcasting and announcements of its new franchise at regular intervals.
- Procurement of Equipment and Supplies: Purchase or lease the necessary diagnostic equipment and supplies of the required quality standards and specifications approved by Thyrocare.
- Hiring and Staffing: Recruit qualified staff, i.e. a minimum of 15-20 employees, including highly qualified lab technicians and skilled biochemists, Ensure they undergo training provided by Thyrocare to maintain service quality.
- Obtain Licenses and Permits: Acquire all necessary licenses and permits required to operate a diagnostic centre in your locality. Compliance with healthcare regulations is crucial.
- Marketing and Promotion: Develop a marketing strategy to promote your Thyrocare centre. Utilize both online and offline channels to create awareness and attract customers. Leverage Thyrocare's brand and marketing support.
- Launch and Operations: Launch your Thyrocare franchise centre once everything is set up and operational. Focus on delivering quality services, maintaining standards, and providing excellent customer service.
- Continuous Support and Compliance: Stay connected with Thyrocare for ongoing support, updates, and compliance with their standards and protocols. Regularly evaluate and improve operations for better service delivery.
Benefits of Investing In Thyrocare Franchise
The benefits of investing in a Thyrocare franchise include:
- Low Investment with High Returns: Thyrocare offers franchise modules with low investment and high returns, such as the TSP (Thyrocare Service Provider) and GQC (Good Quality Center) franchises.
- Brand Recognition and Legacy: Franchisees get access to the established Thyrocare brand, which has a legacy of 26+ years and is recognized across India.
- Wide Reach and Pan India Presence: Thyrocare has a presence in over 10,000 pin codes across India, making it accessible to a large customer base.
- Support and Training: Franchisees receive support in terms of training, marketing, and IT solutions, enabling them to grow their business.
- Best Preventive Care Packages and Lowest B2B Price: Thyrocare offers the best preventive care packages, lowest B2B prices, and volume discounts, making it an attractive proposition for franchisees.
- Data Management Software and Walk-in Orders: Franchisees are provided with data management software and can receive walk-in orders from the company, facilitating the smooth operation of the franchise.
Market Trends Of Diagnostic Franchise In India
The Indian diagnostic market is highly fragmented, with over 100,000 labs, and standalone centres account for 48% market share, followed by hospital-based labs with 37% share and national chains accounting for only 5% share. The market is projected to grow at a CAGR of 9% between 2022-30 to reach USD 2.5 bn. In the near future, it can be said that the diagnostic industry in India will significantly contribute to the healthcare industry.
The hospital-based labs would remain the same, but an increase in organized diagnostic chains' revenue salience to at least 20% can be expected.
These figures show that the diagnostic franchise industry in India has a promising future and has a long way ahead of it.
Future Prospects Of Thyrocare Diagnostic Franchise In India
- The Indian population is quite conscious about their health and believes in getting an early diagnosis, which is expected to create lucrative opportunities for the growth of diagnostic labs.
- The need for diagnostic franchises like Thyrocare in every locality has increased after the COVID-19 pandemic where people not just suffer from the virus but have so many after-effects because of that,
- India's healthcare infrastructure is continually expanding, particularly in Tier II and Tier III cities, offering opportunities for Thyrocare diagnostic franchises to tap into these emerging markets.
- Government initiatives promoting healthcare accessibility and affordability and increasing insurance penetration can increase the volume of patients seeking diagnostic services.
- The increasing prevalence of chronic diseases necessitates regular health check-ups and diagnostic screenings, fostering a consistent demand for Thyrocare diagnostic franchises.
- Advancements in genetic testing and personalized medicine drive the need for specialized diagnostic tests just like those provided by the Thyrocare franchise.
Other Diagnostic Franchise Opportunities That Are Worth Considering
Dr. Lal PathLabs is a well-recognized brand in the diagnostic sector, being the second largest diagnostic chain in India with more than clinical laboratories. Dr Lal Path Lab offers two types of franchise opportunities: Diagnostic Center and Collection Center:
- Diagnostic Center Franchise: The investment cost for a diagnostic centre franchise is approximately INR 1.25 crores. The franchisee must have a medical background to manage the facility.
- Collection Center Franchise: The investment cost for a collection centre franchise ranges from INR 3 to INR 5 lakhs.
Also Read: Why Dr Lal Pathlabs is the best diagnostics franchise to start in India
Rashi Diagnostics is a well-established brand in Bangalore, India, serving 1.5 million people in the city. The brand represents high-quality medical diagnostics, using the latest technology and trained professionals.
The investment cost of approximately INR 10 lakhs to 15 lakhs and a franchise fee ranging from INR 2 lakhs to 5 lakhs.
Also read: Why invest in a Rashi Diagnostics Franchise in India in 2024
In 2024, starting a Thyrocare franchise is more than a business—it's an opportunity to make a tangible impact, to contribute to a healthier tomorrow, one diagnostic test at a time. It's about embracing the future of healthcare and being a catalyst for positive change in communities across the nation.
To learn further about the diagnostic franchises and specifically about the Thyrocare franchise, then must talk to the experts of FranchiseBAZAR and allow them to be part of your entrepreneurial journey.
Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.
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